BHP Message Board - Msg: 15324170

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Gold/Mining/Energy : BHP

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To: Thomas Haegin who started this subject	2/8/2001 9:56:01 PM
From: Henrik	Read Replies (1) of 87

BHP to buyback 90 million shares on market 10:24, Thursday, 8 February 2001 Sydney - Thursday - February 8: (RWE) - BHP Ltd will buy back up to 90 million shares, or 5 per cent of issued capital, on market. Managing director Mr Paul Anderson said: "The company's strong cash flow position, combined with our cost reduction program, asset sales and the rapid reduction in debt over the past 18 months, provides the opportunity for BHP to deliver on this component of its shareholder proposition. "The share buyback also supplements other BHP capital management initiatives, including debt reduction and lengthening of the debt maturity profile." Chief financial officer Mr Chip Goodyear said: "The strength of BHP's cash flow means that it can accommodate an increased capital expenditure program in FY2001 of a projected $3.5 billion and exceed its targeted EBITDA interest coverage and book gearing levels of eight times and 40 to 45 per cent respectively." Shares in BHP rose 16c to $19.21 in morning trading.

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